1% or more ownership. We're prepared to read aloud disclosures for any issuer upon request. These disclosures are available in our most recent reports available to you as clients on our firms' portals. The views stated by non-Goldman Sachs personnel do not necessarily reflect those of Goldman Sachs. With that, we're excited to have our first presenter today from Honeywell, President of PMT, Lucian Boldea. Lucian, thanks so much for being here with us today. Thanks to all of you for coming this morning. Certainly a pleasure and a privilege to be here with you representing Honeywell, and our PMT division in Honeywell. Just a few words about PMT and what it contains so that we ground ourselves into the subject that we're covering. Performance Materials & Technologies in Honeywell covers our Advanced Materials business. It covers our UOP, Honeywell UOP business, that is our process technology and engineering solutions business. All of our process automation and controls businesses, our Honeywell Process Solutions business. If you look at those businesses and why I'm so excited to be here today, the portfolio is extremely impressive and very well aligned with macro trends and with really areas that the world truly cares about today. If we start with sustainability, everywhere you go, this is something that everybody talks about. If you look at how we're aligned with these macro trends, certainly energy transition is an area of big focus for us. We have a lot of history there, certainly the industry and the energy infrastructure that we've built over the last 100 years, Honeywell UOP and also our automation business has had a front row seat there. What we've done over the last 100 years in energy transition, we now have to in energy, building the infrastructure of today, we have to reinvent in the next 25 years. Certainly an accelerated pace, and it's one that we're well-positioned to do. Alongside of that, because it's not an either/or, is really improving the operations that are there today. This is around emissions management. We have a lot of technologies that we'll be talking to you about later around emissions management. Last but not least, energy storage and transportation. This is another area around battery technology, around how we store energy, different ways to store energy, whether it's hydrogen, whether it's storing the hydrogen itself, whether it's carrying the hydrogen, alternate fuels such as LNG. All those are areas where we have exposure. That's one pillar of growth around sustainability. The second one is around digitalization, if you look at the world of digitalization, certainly things are picking up speed in a very encouraging, a very exciting way. Honeywell is at the front edge of leading autonomous operations in several of our areas. Really doing digital twins of our customers' operations, where we're allowing a more efficient worker, a more enabled worker that has better information at his fingertips, that produces fewer errors, more efficiency operationally, and really fills the skill gap that's out there today. Right behind that, of course, we've just made an important acquisition that will enable more digital solutions for our customers, and that's our Compressor Controls Corporation that we've just announced. We We haven't closed on that yet, but we're certainly very excited about that, and we'll be talking to you more about how that adds to our digital solution. Last but not least, we have our core business, and there we also have a commitment and a track record of innovation. We're going to continue to build on that so that that can grow in a margin accretive way. What does all that mean when you put it all together? It means a business that will continue on our commitments that we made last year at Investor Day to continue to grow mid-single digits. We'll be talking to you more about this tomorrow, about our margins, but we're certainly remain on track on the commitments that we've made to you on improving our margins for this business and getting them to 25%, and you'll see that reflected even with modest margin expansion this year, following a year of fairly significant margin expansion. We remain on track to deliver on our strategy. With that. Yeah. send it back to you, Joe. Oh, Lucian, that was great. And great to meet you in person. It's incredible. You had a 25-year career at Eastman Chemical. Maybe start with, you know, why'd you leave to join Honeywell? I'm also curious, just in the first seven months, taking over as the President and CEO of PMT, you know, what your initial impressions are of the culture? Yeah, sure. Thanks for the question. Yeah, 25 years at Eastman, so certainly it's been a privilege to leave a well-run company and to join another one. Certainly very happy to be at Honeywell. I think when you look at the Honeywell culture, I mean, the words say, do, are front and center. We do what we say, and we take our commitments very, very seriously, whether it's our commitment internally to one another, whether it's our commitment to any of our stakeholders. That is an area that is very much front and center in the Honeywell culture. Think what's also, to me, fascinating about the company is where I started my conversation, just the portfolio itself. If you look at what we bring to the table and the combination of the offerings that Honeywell can bring to the table, they're really significant. Last but not least, the business model, and we'll be talking more about that as we go through the dialogue, but the business model is also different. How when you compare, you know, maybe the PMT business to some of the businesses that you ran at Eastman Chemical, you know, what has maybe surprised you about the portfolio? Talk to us about the learning curve. Yeah. If you look at the portfolio of Honeywell, and if you look at PMT and why I'm so excited about PMT, if you think about digitalization, you think about sustainability, okay? A lot of people are doing that. A lot of people are in those fields, so you say, "What's so unique?" What is really unique is you have material science and advanced materials, you have process technology and engineering services in UOP, and you have digitalization, that third business. If there is another company that has all three, then I missed it in my search of companies, 'cause, this is the only one I know about that has all three that brings them to the table. Couple that with a culture of collaboration with a lot of discipline, a lot of business operating principles and how you bring that to the market. It's not easy to bring a unified offering to the market when you have different divisions for the solution side. Nevertheless, we've done that successfully. We continue to do that successfully. It's bringing that portfolio of offers together to solve customer problems is excitement number one. Obviously, the next obvious thing, which is near and dear to everyone's heart here, is the combination of short cycle and long cycle business. You've got that internal hedge where for a vast majority of your business, you actually have your forecast pretty much in hand, and it's determined by your ability to produce and deliver to the customer and source your raw materials. It's not determined by market dynamics. We still have a portion of short cycle, but many companies, particularly in the chemical industry, live on short cycle businesses, whereas we don't have that. That, to me, is the biggest difference between Honeywell and the chemical industry in general. I know that tomorrow we're gonna hear all about the longer term, right? We'll save that for tomorrow. Maybe from a more near-term perspective, you know, you're currently expecting mid-single digit growth for the segment in 2023. 1Q got off to a great start. I think you guys were up, you know, 15%, if I remember correctly. Maybe just given that orders are strong, like why do you expect a deceleration potentially as the year progresses? Yeah. I don't think it's a. Again, we tend to think sequentially, and I know the investor world tends to think more year-over-year, I think what you have to remember is we're lapping those quarters where we had lower prices than we picked up prices in Q2 of last year. If you look, it's more of a comp conversation than it is anything else. I think if you look at the absolute trajectory, we're certainly on a, on a more steady path than the year-over-year comparison would suggest for Q1. Got it. Think about it sequentially as we progress through the year. Right. From a cadence perspective, like steady through the year. Steady, just look at the comp with Q1 last year. Q1 last year was unusually low compared, that makes your comp there make sense. I know price has been a real big contributor to growth. You know, it has been for a variety of different companies that we cover and certainly for your business as well. How does pricing work across PMT, and what do you expect? Do you expect to be able to maintain price even in a deflationary environment as we progress through the year? Again, you know, I've been asked this question many times, whether it's in this forum or in prior lives. Well, you got your prices up and raw materials went up. When prices go down, do you still have pricing power? Your, your pricing, your ability to pass through price doesn't change that much. It's related to the value you bring and the differentiation you have in your customer offering. If we were able to pass through increases, we should be able to hold on to value on the other side as well. Obviously, nobody's 100% immune to economic cycles, but nevertheless, we feel good about our ability to hold on to prices. We had substantial price increases last year, worked with customers. In the end, it is about delivering value to customers and customers seeing value in what we offer at the prices that we offer it. That's what it comes down to, understanding their business model, their ability to pass through our increases is important, and we do that very well. There is a discipline and there is a cadence that served us well last year that will serve us well in the future as well. Do you think that that differs though by some of the subsegments and how you report? You know, UOP, HPS, Advanced Materials. In the past, like I recall Advanced Materials having a little bit more pass-through, so that may be being more subject to fluctuations than the other two businesses. Is that a fair way to represent it? Look, you have to peel the onion way back. I think if you look at Advanced Materials itself, there are segments, and it's really probably a third of Advanced Materials, which is a third of a third of PMT and even less of a fraction of Honeywell, where you have more traditional chemical industry kind of exposure. The vast majority of Advanced Materials is sold into the refrigerants market. There you have a market that's very regulated. It's quota-based, it's a totally different supply demand dynamic than you have in a traditional chemical business. You have that third of Advanced Materials where you have more an electronic exposure, building and constructions exposure. You certainly see a downturn in those industries everywhere, including in Honeywell. Having said that, you know, we look at our UOP business and that we've been asked quite a bit, "So where are you on that cycle? Do you see green shoots?" We see better than green shoots right now. It's picking up very nicely. That business is getting stronger. That's why you have a portfolio. Yes, on a small corner of Advanced Materials, you may have some pressure, but then you have UOP coming back, up, whereas last year UOP was still more lower and Advanced Materials had a stronger year. Yeah, that makes sense. You mentioned Compressor Controls earlier in your prepared comments under the, you know, helping you scale your digitization offering. I'm curious, like what really was the appeal of this asset? You know, it's an asset that some of us know from Yeah. -covering Roper and so... maybe talk about how complementary this is to the HPS controls portfolio. Yeah. It's very complementary for a number of reasons. Obviously this is the flagship compressor controls company. It's the premium brand that's up there. When it really matters for your compressors, when you're in that super high-end compressor market, in LNG in particular, this is the company. This is the household brand that we all know about. When you look at the business, extremely well-run business, very technically capable business. There are pieces that we do so well in Honeywell that frankly weren't part of that business model. Their operating, their control strategy is very much around operating the compressor and keeping it within an operating window from a process standpoint. It's not so much equipment health. We will go after equipment health. We have a whole set of sensors that we can add to that, to where we do vibration monitoring. We do all that mechanical reliability that we can add to that. There wasn't a lot of service component. This is what we do well. We add service, we add software. There's a lot of revenue synergy that we can add to this. Last but not least, you get over 10,000 compressor install base, turbomachinery install base. Some of that is on Honeywell systems today, some of it is not. That offers additional market penetration for the rest of our businesses. It really fits very well in a number of ways. We're calling on the same legacy customers, and the future is in the same direction. It was from oil and gas going today into LNG and moving forward into carbon capture, which is exactly where we're going with the rest of our business. It's really following that, but bringing one more very key offer to the market. That's really interesting. I know that you guys put throughout a, you know, high single digit type growing company, 15% ROI, I think after year five. Just maybe just talk about your degree of confidence in hitting those numbers. Yeah. I think we're committed to those numbers. As I said, you know, our culture is one of say do. If we commit to something, that means we're confident and we have the details and the plans behind it to deliver it. I mean, you know Vimal used to run this business, right? He's He may have mentioned that to me once or twice. Not this morning, but it's because we haven't talked. Yeah. All right. You guys have put out a $700 million target for your sustainability goals by 2024, and that's a sales target. Maybe just talk us through some of the technologies that you're excited about, how you plan to get there, where you are today. Why don't we start there? Yeah. On track to deliver on that commitment, and we are very, very excited about where we are in our sustainability technology offerings. We had a press release this morning, and we'll talk about that in more detail. There are a number of technologies that go across the spectrum, and I would put them in two categories. I would put them first, and I mentioned it earlier a little bit on energy transition. There are a suite of technologies that make what we do today better. This is emissions management, emissions monitoring, quantifying people's emission, giving them a roadmap to this carbon neutrality target that everybody has, but everybody doesn't yet have a roadmap on how they're going to achieve. You've got that piece, just doing what we do today better. You move to really new ways to store energy. We have flow battery technology. We have green and blue hydrogen projects that we've done. We have carbon capture and sequestration projects that some of those obviously are for the purpose of blue hydrogen. There are a number of offerings in that dimension. We have the fuels. The new fuels, the next generation fuels. This is, we started out with biodiesel, now moving to sustainable aviation fuel, which is the latest range. If you look, we started on our fuels on our in 2007. From 2007 until 2020, we sold 17 licenses. In the last 2 years, we sold 20 more. If you look at the acceleration, you know, basically every month it's actually picking up steam. This is actually the hockey stick that we're living right now. It has turned, and it's got one direction, and that's up. It started as biodiesel. It started as sustainable aviation fuel with fat oils and greases. We announced our ethanol to jet technology. This morning we announced our CO2 to jet. That's just continuing to ramp up. Last but not least, we also have our upcycle technology where we do plastics recycling, and we've had a couple of licenses that we've announced in that area. Battery and energy storage is another one where we do the whole end-to-end control systems and battery solution where we work with our customers. Again, a lot of exciting technologies. I could go on and on about that portfolio, but a lot going on there. Very, very well aligned with where the world is headed. Lots of technologies, right? Maybe if we kind of thought about a few of those and if we could bucket, you know, near term to medium term to long-term opportunity. You mentioned a lot, whether it's energy storage, blue hydrogen, plastic circularity. Yeah. Sustainable aviation fuels. I mean, there's a lot going on. Like, as from an investment community, how do we think about the opportunity near term, medium term, long term? Yeah. Well, some of them are here now, right? I mean, there's the transition fuels. LNG, we've had a number of announcements around LNG, that's business that's going on today. Then carbon capture is another one where everybody is working on that, their existing projects. We made an announcement on the largest blue hydrogen carbon capture project with ExxonMobil in Baytown. That's been a big winner for us and one that we're very, very proud of. Those are, those are the here and now. The licenses that are under construction in a very aggressive way are the fuels licenses. These are the 37 that I was talking about, some of them already operational, and then the rest of them being constructed. That's also here and now. What I would say, which is also an important mention here, this is not science fiction technology or it's not even technology that we invented last week. Some of this is actually reapplying technology that's been practiced for decades and just adapting it. Some of it is reusing existing capital and existing infrastructure and petrochemicals to repurpose it to biofuels. This is why customers like to work with us, is because we have that history, we have that legacy, we have that experience. We're already in their plants, we're already in their factories, in their refineries, so that's why it allows us to have that seat at the table. It's a combination. Then further out in time, but not too far out in time, is some of the announcements, the one that we made this morning around CO2 to jet. That's kinda the next frontier, the next generation of technology. I'm gonna open it up to questions from the audience in a minute. Let's talk about the announcement this morning. The announcement basically stated there's an opportunity for you guys to reduce GHG emissions by, I think it was 88%. That's right. Talk to us about this technology, the announcement. I think there's a partnership. Yeah ...as well involved in that. There is a partnership. The partnership is with a company called HIF, Highly Innovative Fuels. It's a multinational company. It's a licensor of ours already that has a biodiesel facility that's licensed with our technology, so we have experience working with them, they have experience working with us. They've announced an investment in sustainable aviation fuel using CO2 as a feedstock. If you think of SAF in general. SAF you can produce today from Honeywell on at least four different raw materials. First raw material, recovered fat oils or greases. You could produce it from ethanol, produce it from woody biomass, and then the latest announcement as of this morning is from CO2. CO2, obviously this is all the carbon capture that's being done using that, storing the CO2, sequestering it, and then ultimately using it. The raw materials to make SAF in this technology basically are CO2, water, and renewable energy. How much better can it possibly get that you power a plane on recovered CO2, water, and renewable energy? That requires a lot of infrastructure to come together to be able to do that, but nevertheless, it is ultimately the way you get to some of the goals. You know, key points, at least a key learning that I maybe should have mentioned earlier in your comment about what I've learned about Honeywell. Energy transition is not a from-to, that we're gonna leave something and we're gonna go somewhere else tomorrow. There's gonna be a whole lot of and for a long time. What that means is, first of all, making our current operations better, and more sustainable, but then also bridging with bridging fuels and then ultimately to the destination. If you look at sustainable aviation fuel, you don't have enough raw materials if you don't use CO2 to achieve the regulatory goals that we have out there. Fat oils and greases may get you to today's license is 5%. If you round up everything, you may get to 10. You add to that ethanol, and you don't have it everywhere in the world, so U.S. and Brazil, 'cause you're not gonna ship SAF around, so you get another 15, so now we're at 25. Add the woody biomass, you get another 15, so now you're at 40, so still 60 to go. You still need carbon for the other 60, and so that leaves you with CO2 as the material, which is why we're so excited, because you can't really close the mass balance without CO2 as a feedstock ultimately to achieve the goal that we have to achieve. That's super interesting. I'll pause there for a second to see if there's any questions from the audience. Right up here. Pete? On pricing. Question on pricing. You discussed how, you know, you're gonna hopefully be able to keep it. One sort of nuance I've picked up from other companies, though, is the, yes, the headline pricing may stick, but there may be sort of backend incentives or, you know, incentives that come through. The headline price sticks, but you have to give some discounts or whatever you wanna, you know, however you wanna phrase it. I'm not just focused on Honeywell. It's It's something I've sort of started to pick up from other companies. Curious if you could kind of give us a little more detail there as well. Thanks. Yeah, no, I appreciate it. You know, obviously, you know, it's a very, very diverse portfolio of businesses. In the businesses where you have a lot of long-term business, long-cycle business, there your margin is already in your backlog, so that one is fixed. Those kind of issues are not there. The price is there, it's set, then you know what your cost is and you're making. So that's a pretty, that's pretty well hedged as it is, and it offers a hedge overall for the business. I think where you have some more exposure is in your short-cycle business, and that's that 1/3 of Advanced Materials that... We try to not do what you said, but when we do it, the pricing tools are just phenomenal and the visibility is phenomenal. The biggest learning curve is not to invent dashboards, but to be able to read the dashboards that we have because they're very sophisticated. That kind of leakage is very well tracked and we count it as price. We don't count it as we got the price, but we gave it away here. It's all in our net pricing calculation. Obviously, we're not completely immune from the markets that we play in, but to the extent that we can keep that value, we do. For the most part, we're very successful at doing that. Can we get a mic over here? Thanks. Thank you. Historically, when the macro wobbles, you'll see the short cycle businesses slow down, after a while, even the long cycle businesses, you know, projects get deferred or the sales cycle elongates. I guess I'm curious, is it different now when you talk to your customers because of the types of projects, or are you starting to see kind of a typical playbook on the short cycle and then you start to prepare for the long cycle slowdown? Maybe you could address that. Yeah, it's a good question, you know, you're always on shaky ground trying to propose that the future is different from the past, but it is. Here's why I would say that, and it's towards skill gap. I think when you look at what are long projects for us, they're engineering and construction projects, right? They're investments in the long term. I think at least for the foreseeable future, people are gonna remember the lesson they learned in the last few years, which is deferring a lot of capital, deferring a lot of investment. They paid for it dearly when the demand came back and they said, "Okay, well, we'll invest then." You'll invest, but who's where's your welders? Where are your... You know, we're short those kind of skills, which is why our automation and our digitalization business is doing so well, is because we're filling in that skill gap. I think it's that skill gap that's going to keep everybody honest and rebuilding and making sure that they continue to invest in capital projects. We don't yet see those kind of slowdowns at all. That seems to continue and there seems to be a lot of commitment in continuing those investments. Those investments are happening. You know, there's a lot of regulatory drivers. Remember Inflation Reduction Act, the Fit for 55 in Europe, this is driving a lot of capital. If you look at the semiconductor investment in the U.S. that's happening, if you look at the investment in gigafactories, and these are all places that we have a front row seat at, whether it's through Advanced Materials or through digitalization businesses. There's a lot there. Again, there could be elements of that. Obviously, there could be pockets where that is, but I think the overwhelming trend of really rebuilding the CapEx and really not slowing down because of the skill gap is going to make this a smoother, even if there is a bit of a downturn, it'd be smoother than it would've been. Any other questions? Hey, you touched on it on the last one, but just on the next cycle, how much do you think is more driven by regulatory? I mean, you mentioned IRA and that it's more fiscal spending, it's not as much regulatory, but just. Yeah. EPA, everything else going down, just how people look at the returns on their projects, regulatory driven versus, i.e., financially driven. How does that cycle into your pricing thoughts or anything like that? Any comments you have on just what's-. Yeah. the real driver here, regulatory or economic, and how that differs in how you handle it, how you handle pricing, et cetera? Yeah. No, it's a great question, and it doesn't obviously have a very easy answer. It is. You know, if you look... I'll start with advocacy. For example, you know, 10, 15 years ago, your government relations function was kind of a compliance function. Now it's a strategic asset because things are happening and you have to have a seat at the table. You don't have a seat at the table, things are not gonna go in a way that they should. Regulators, frankly, don't always have the knowledge of what's possible to be able to drive the regulation. First of all, we do try to play a very active role to make sure that we represent the science that we bring to the table and the technology. To answer your question specifically, it definitely factors in. I think incentives offer a floor in the economics and offer the ability to invest. They've also now, with the Inflation Reduction Act, created a bit of a geopolitical issue and some arbitrage because you're better off investing in the U.S. than in other parts of the world. Now Europe has tried to do their own thing to try to match some of that and level the playing field. Nevertheless, you had a lot of money from European players, from Asian players that started coming into the U.S. The onshoring, the lessons from COVID and from the supply chain disruptions to the onshoring of the chips industry has brought all that back to the U.S. I think probably the most clear example to how does that factor into our pricing. You know, we don't have to now with an electronic supplier, compete head-to-head with an Asian supplier because they're building a plant in the U.S. to have a surety of supply. They're not gonna build a plant in the U.S. that's based on non-U.S. feedstocks because then they've totally defeated the purpose of their billions of dollars worth of capital deployed. We now the competitive landscape is different, which allows us to price differently. That's changing in the calculus. The other part that's changing is obviously you take into account the incentives, whether you're talking about biodiesel, whether you're talking about sustainable aviation fuel, how those incentives factor in. It's very much front and center. Regulations, obviously, that's a better example is our Advanced Materials business where we have our refrigerant portfolio. That's a portfolio that's regulatory driven. That alters the supply demand that you have and as a result, in the end, your ability to price. It's always there. It's part of the value proposition. It's always part of what's the alternative for the customer. Other questions? I wanna touch on the skill gap comment. That's a super interesting comment. If you think about the last decade, right? There hasn't been as much capital investment by the super majors, you know, the national oil companies. What we're seeing, not just with Honeywell, but across a variety of other companies that we cover, is that the aftermarket business has been super strong really like the last 5 to 6 quarters from an orders perspective. Has the nature of the relationship and the discussions that you're having with your customers changed because of the dynamics of the last decade? Ultimately, what does that mean for your aftermarket business going forward? Yeah, absolutely. It's changed. If you look at, you know, the first example where that happened is offshore oil rigs. You know, you think of that's kind of the ultimate remote location, reasonably high stakes, and a difficult, probably most difficult place to hire somebody. That was kind of the first place where you go autonomous. That's the first place where you create a digital twin. That's the first place where you put all your sensors and you start doing predictive maintenance. When the helicopter flies from Oslo to the North Sea to this unmanned oil rig, they can bring in the correct parts, the correct tools, they know exactly what's wrong. That was one of the early examples, real-life examples of deployment of those digital tools to have that autonomous operation. I think in training, you see that in a, in a big way, process errors. I mean, you look at these industrial accidents and these outages that happen because you send a field operator out there and you say, "Turn the second valve," and you forget that there's actually 5, not 4, and it wasn't the second, it was the third valve, and you have an industrial accident. And that kind of stuff, as boring as it sounds, it happens. Well, with Honeywell, they'll have virtual reality goggles on, and it literally they can go through training with a digital twin, and then they can go with their goggles on in the field. The control room operator sees the same thing that the field operator sees, and field operator touches the valve, and it's this one, no, it's that one, and they see which one on the digital twin. There is a level there of redundancy, and it's what would you pay for it? Not much till after the fact when it costs you $30 million, $40 million for turning the wrong valve. You don't have to experience that but once to realize the value. Those are the kinda offers, those are the kinda conversations that we're now having with customers in a variety of industries, because it's just really difficult to find workers now. It's a, it's a global phenomenon, it's not just a U.S. phenomenon. I think it just opens the door to those tools that really before would have been a luxury. Super interesting. You talked about, and we'll probably end on this note, but we've talked about a lot of opportunities, right? Clearly, some of these opportunities also require investment. There's both organic and inorganic investment that you can contemplate. I'd just be curious, like, how are you, how are you thinking about, you know, whether it's R&D, CapEx, or, you know, M&A to help augment some of these opportunities? Yeah. I think you'll hear more tomorrow in Investor Day about our commitment to organic growth. Organic growth is going to be absolutely critical. We have a long history. We've invented categories, distributed control systems. That's a Honeywell invention. You look at we're powering the world's refineries today. The overwhelming majority of refineries run on our technology. There's a long history and track record of innovation, and there's a heavy commitment on building on that going forward. I think that's there. At the same time, we're not patient people as to to your first question about the culture. There are areas where you're better off buying it than waiting and building it. I mean, could we have gotten there on what CCC is doing with enough time and enough effort? Yeah, probably. It was the logical thing to do, plus it made sense that we can buy that and bolt on the other services that we bring and accelerate that growth. On sustainability, we know there are still things in our portfolio that we'd like to have. There are few gaps here and there, so that's something that we will pursue organically 'cause you don't want to wait for the perfect acquisition to be available 'cause maybe it's not available today. You wanna pursue organic. If something becomes available that can accelerate it, whether that's a new technology or a hydrogen, whether that's a new battery technology. It's definitely in the categories that I mentioned earlier around energy transition, energy storage, emissions management, and digitalization. If it's one of those and there's something that fits in there, that would definitely be of interest from an M&A standpoint as well. Lucian, it's great having you here today. Thank you. Look forward to seeing you again tomorrow. Pleasure to be here. Thank you very much. Yeah. Thank you.